7 The Casciato Company has the following standard costs. Each unit produced should cost $268: Direct material (4.2 g @ $40 per g) $168 8 pts Direct labor (2 hours @ $50 per hour) $100 During the latest quarter, the company budgeted for 1000 units, but ultimately produced and sold 930 units. Actual results were: Direct materials Direct labor 5 g used per unit at $41.85 per g 2.5 hours used per unit at $40 per hour Please calculate the direct materials static budget variance: $ [Select] Please calculate the direct materials flexible budget variance: $ [Select] Is the direct materials price variance favorable, or unfavorable? [Select] Is the direct materials efficiency variance favorable or unfavorable? [Select] Is the direct labor flexible budget variance favorable or unfavorable? [Select] Is the direct labor price variance favorable, or unfavorable? [Select] Is the direct labor efficiency variance favorable, or unfavorable? [Select] What is the best interpretation of all these budget variances? [Select]